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The iron industries and their downstream products represent one of the main directions of Oman’s industrial strategy, driven by high local and international demand
Muscat – The number of major factories producing iron ore in Oman has reached seven, and their contribution to the sultanate’s GDP has increased to more than 2%, according to Dr Salah bin Said Masan, Undersecretary of Commerce and Industry at the Ministry of Commerce, Industry, and Investment Promotion.
In a statement to the Oman News Agency, H E Masan noted that the steel industry is a key pillar of Oman’s manufacturing and infrastructure sectors. Data from the 2022 industrial survey showed that the exports of these seven iron and steel factories amounted to RO687mn, with 1,681 employees directly employed, in addition to thousands of indirect jobs, reflecting an Omanization rate of 45%.
H E Masan emphasised that the iron industries and their downstream products represent one of the main directions of Oman’s industrial strategy, driven by high local and international demand and their role in strengthening global supply chains in the iron and steel markets.
He highlighted that these industries utilise advanced technologies and innovations in production processes while shifting towards renewable energy to achieve sustainability. The steel industry is vital, contributing to the global economy through GDP generation, job creation, and support for related sectors such as heavy industry, machinery, equipment, and transportation.
“Many industries rely on iron as a fundamental material for manufacturing a variety of products,” H E Masan noted. He pointed to the increasing capability of the industrial sector in Oman to attract qualitative investments, enhancing the sector’s contribution to the national economy.
H E Masan also reported that this industry has recently attracted partnerships with foreign investors from Brazil and China. This culminated in an agreement between Vale Oman and China’s Jinaan Iron and Steel Group to establish the first iron ore concentration plant in Oman, located in Sohar Port and Free Zone.
This project involves investments of $624mn and aims to produce 12.6mn tonnes of high-quality iron concentrate products. It will create both direct and indirect job opportunities, strengthen supply chains in the global iron and steel market, and provide inputs for local industries.
H E Masan further said that this partnership between Vale and Jinaan relies on integrating industrial and logistical capabilities, contributing to sustainable growth and enhancing Oman’s position as a leading player in the global iron and steel industry. |
